When Yonghong Li completed the purchase of Milan, one of the requirements for league approval was satisfying the stringent FIGC controls for new owners.
Today at Casa Milan, during a board of directors meeting, the budget was approved for the new season and a confirmation was received that Yonghong Li has satisfied the league’s honourability requirements.
According to La Repubblica, it was confirmed the league received the last document it was waiting for – the certification ‘antimafia’ which completed the requirements and were subsequently forwarded to the FIGC.
The board was updated on the Voluntary Agreement with UEFA in regards to Financial Fair Play (FFP) and the transfer market. There were also talks regarding the creation of Milan China, a new company Milan will create in China with the objective of developing sponsorships and increasing commercial revenues by being present in China in a significant way. No decision has been made where this office will be located.
In regards to FFP, it is important to recall that the money spent on player salaries must represent a certain % of revenues.
Present at the the meeting were representatives of Elliott Management, the hedge fund that provided the financing to close the Milan sale. In particular, the presence of Salvatore Cerchione of Blue Skye (company controlled by Elliott Management). Although it is not uncommon for a lender to have a role in the administration, this should not come as a surprise given that Elliott Management has ironclad guarantees in place to become de facto owners of Milan should Yonghong Li not repay the debt by October 2018.
